EMI Calculator
Calculate your Equated Monthly Installment (EMI) for home loans, personal loans, and car loans with detailed breakdowns and charts.
Loan Details
Loan Breakdown
Interest to Principal Ratio: 0%
Yearly Payment Schedule (First 10 Years)
| Year | Principal | Interest | Balance |
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About EMI Calculator
What is EMI?
EMI (Equated Monthly Installment) is the fixed monthly payment made by a borrower to a lender. It includes both the principal amount and interest, spread evenly across the loan tenure.
Benefits of EMI Calculation
- • Helps in better financial planning
- • Clear idea of total repayment amount
- • Compare loans easily before applying
- • Reduces chances of default
EMI Formula
EMI is calculated using the formula:
EMI = [P × R × (1+R)N] / [(1+R)N – 1]
Smart Tips for Using EMI Calculator
Check Loan Affordability
Always ensure your EMI does not exceed 30-40% of your monthly income.
Compare Interest Rates
Even a 0.5% difference in interest rate can save thousands over the loan period.
Choose Tenure Wisely
Shorter tenure = higher EMI but less total interest. Longer tenure = lower EMI but higher total interest.
Balance EMI & Lifestyle
Don’t overburden yourself—choose an EMI that allows you to maintain savings & daily expenses.
Prepayment Advantage
Making part-prepayments helps reduce principal, thus lowering future EMIs or tenure.
Frequently Asked Questions (FAQ)
1. What is an EMI Calculator?
An EMI Calculator helps you estimate your monthly loan repayments based on loan amount, tenure, and interest rate.
2. Can I use this EMI calculator for Home Loan and Personal Loan?
Yes, you can calculate EMIs for Home Loan, Personal Loan, Car Loan, Education Loan, and more.
3. Does EMI remain constant throughout the tenure?
EMI usually stays the same, but the proportion of interest and principal changes over time.
4. Can I reduce my EMI?
Yes, by prepaying a part of your loan or by transferring your loan to a lender with lower interest rates.